Today I wanted to talk to you about the day that you actually take over your new pub or bar.
On the day you will need to have your stock valued, so that means as soon as you have a date from your solicitors, you need to be booking at a stock taker. Especially if you’re looking at completing and exchanging at the end of a month because that’s a busy time for stock takers.
Why do you need a stock taker?
Most businesses are sold with stock evaluations as a separate item, so you need to know that the stock you’re buying is of the quality that you can resell it so it’s not out of date and you are paying a fair price for it.
You also need to be thinking about your utilities, it’s really easy just to take over from the previous person but do you know you’ve got the best deal from that?
One of the services that we offer our clients is that we offer a brokerage service that we can take you through. What that means is we go out and try and get you the best price we can.
You also need to think about telecoms. A lot of people still use BT but there are alternative suppliers out there and there is alternative technology out there that can save you a fortune.
Again it’s something we partner with somebody that can help you through that process, but you need to be taking meter readings on the day of acquisition including the water, gas and all utilities. Usually your stock later will do that.
If you’re buying a tenancy you will need the fixtures and fittings value on the day. This is very important because you need to know that everything that’s going on the FNF which is what you have to buy from the brewery, is of legal quality. I.E. they will be pap tested, gas tested, that the refrigeration is getting cold to the right temperature etc. Because you don’t want to be buying stuff that is not legal, and stuff you can’t use.
You also need to be talking to if you’ve got gaming machines in the venue the company that supplies them and you need to arrange with the companies that. If it’s a tenancy or a lease, you’re probably tied into the company you use. However if you’re a freeholds or free house you’re free of market. So it might be that you need to be discussing with the company to look after them anyway, or you might have a new supplier or supplier you’ve used before.
There are a few other things you need to be thinking on the day you take over. My recommendation is whatever day you’re taking over try not to open. Things often go wrong at the last minute, finishers going out, finishers coming in, you might have to clean the place or rebrand it.
These are just a few things to think about but it’s a great day. It will be very tiring, but remember it’s a start of a new venture!